Envestnet Portfolio Solutions Inc. Increases Holdings in Centene Corporation $CNC

Envestnet Portfolio Solutions Inc. raised its stake in Centene Corporation (NYSE:CNC) by 107.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 209,643 shares of the company’s stock after purchasing an additional 108,625 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Centene were worth $7,480,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of CNC. Baird Financial Group Inc. purchased a new stake in shares of Centene during the 1st quarter valued at about $236,000. Sivia Capital Partners LLC grew its position in Centene by 80.0% in the second quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company’s stock valued at $527,000 after acquiring an additional 4,315 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of Centene by 5.1% during the second quarter. Farther Finance Advisors LLC now owns 6,658 shares of the company’s stock worth $361,000 after purchasing an additional 325 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Centene by 4.6% in the second quarter. Fifth Third Bancorp now owns 60,307 shares of the company’s stock valued at $3,273,000 after purchasing an additional 2,625 shares during the period. Finally, Signaturefd LLC grew its holdings in Centene by 82.3% during the 2nd quarter. Signaturefd LLC now owns 12,427 shares of the company’s stock valued at $675,000 after purchasing an additional 5,611 shares in the last quarter. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CNC shares. Jefferies Financial Group upped their price objective on shares of Centene from $25.00 to $32.00 in a research report on Monday, November 3rd. UBS Group set a $42.00 price target on Centene and gave the company a “neutral” rating in a report on Thursday, October 30th. JPMorgan Chase & Co. lifted their price objective on Centene from $38.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday. TD Cowen reiterated a “hold” rating on shares of Centene in a research note on Friday, October 31st. Finally, Truist Financial lifted their price target on shares of Centene from $45.00 to $47.00 and gave the stock a “buy” rating in a research note on Monday, January 5th. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $40.81.

Centene Price Performance

Shares of NYSE CNC opened at $46.07 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $22.65 billion, a price-to-earnings ratio of -4.26, a price-to-earnings-growth ratio of 1.05 and a beta of 0.48. Centene Corporation has a twelve month low of $25.08 and a twelve month high of $66.81. The business has a 50 day simple moving average of $41.15 and a 200-day simple moving average of $35.10.

Centene (NYSE:CNC) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.71. Centene had a positive return on equity of 7.82% and a negative net margin of 2.85%.The firm had revenue of $49.69 billion for the quarter, compared to analysts’ expectations of $47.50 billion. During the same period last year, the business posted $1.62 earnings per share. The firm’s revenue for the quarter was up 18.2% on a year-over-year basis. As a group, equities research analysts expect that Centene Corporation will post 6.86 earnings per share for the current year.

Centene Company Profile

Centene Corporation (NYSE: CNC) is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children’s Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.

Centene’s offerings extend beyond traditional insurance to include a range of specialty and support services.